Period of deposit interest and reduced rate withholding applicable to dividends paid by participation banks has been extended to March 31, 2022.

According to Presidency Decree numbered 3032 published on Official Gazette dated September 30, 2020, withholding rates applicable to interest obtained from deposit accounts and dividends paid to participation accounts by participation banks had been temporarily reduced. Afterwards, the period of this implementation was extended several times.

According to Presidency Decree numbered 4921 published on Official Gazette dated Thursday, December 16, 2021, implementation period of such rate reductions has been extended until March 31, 2022.

In this framework, 5%, 3%, and 0% of withholding shall be applied according to its maturity in terms of TL deposit interests and dividends paid by participation banks in return for TL participation accounts.

The above withholding rates shall be applied in terms of interests and dividends payable to deposit and special current accounts until March 31, 2022 (including this date) and interest and dividends to be paid in terms of accounts opened or whose maturity is renewed between September 30, 2020 and March 31, 2022 (including this date).